Tax Strategies

4 Things You Can Do By the End of the Year to Help Lower Your 2020 Tax Bill

Here come the holidays and everything that goes with them – traveling, cooking, buying gifts, and of course, spending time with the people we love. It’s a busy time of year when finances can take a back seat, but don’t wait to review your tax situation. Here are four things you can do by the end of the year that could help lower your 2020 tax bill. Review Your Retirement Account Contributions And Distributions Starting at [...]

2020-12-07T13:25:37+00:00December 7, 2020|Tax Strategies|

How Will Social Security Benefits and Taxes Change Next Year?

The Social Security Administration recently made some important announcements that workers and retirees should note, including a Social Security benefit increase – and a tax increase. While it’s very unlikely that the program will ever disappear, we could see changes in the coming years due to the program's financial state. The Social Security trust fund was projected to run out in 2035, at which point about 79% of benefits would be payable.[1] Here’s how Social Security [...]

2020-10-26T12:43:30+00:00October 26, 2020|Financial Planning, Social Security, Tax Strategies|

3 Reasons Why Your Tax Burden Could Increase In Retirement

Most people assume that their tax burden will dramatically decrease in retirement once they stop receiving a paycheck, but this isn’t always true. A high tax bill is one retirement risk to be aware of and to try and mitigate. We may be experiencing relatively low taxes right now, but a change in leadership in Washington and a growing national debt could change that. Let’s look at 3 reasons why your tax burden could increase in [...]

2020-09-08T02:57:58+00:00September 8, 2020|Tax Strategies|

Tax Day Finally Arrives

The revised tax day date, July 15th, is upon us, and there are several important things to note, whether you’ve filed already or not. While our tax bill might only be at the forefront of our minds during one time of the year, the reality is that financial moves throughout the year can impact your tax bill in the short-term and for years to come. There could be opportunities to take advantage of that would help [...]

2020-07-13T02:09:41+00:00July 13, 2020|Tax Strategies|

Far-Reaching Effects of This Pandemic on Social Security and Taxes

Long after the restaurants and hotels are open again, the economic impact of the COVID-19 pandemic will still be felt by many individuals and the country. During this time of widespread unemployment, less is collected in payroll taxes that fund Social Security, while emergency federal spending has increased significantly. Here are potential far-reaching effects of this pandemic on Social Security and taxes. The State of Social Security The 2020 Social Security report projects that the fund [...]

2020-06-01T21:47:06+00:00June 1, 2020|Economy, Social Security, Tax Strategies|

Tax Minimization in 2020 and Beyond

As the coronavirus spread, the government stepped in with unprecedented economic interventions, from direct payments to Americans, to relief for businesses. While these measures may be necessary to mitigate the damage done by the virus and the economic shutdown, they’ve also resulted in a ballooning of the national deficit.[1] U.S. government debt could soon rise to 130% or 140% of gross domestic product, as compared to last year when it was around 100%.[2] Many experts predict [...]

2020-05-17T17:50:20+00:00May 17, 2020|Tax Strategies|

3 Unprecedented Measures During the Coronavirus Pandemic

We're living in unprecedented times, and the government is taking unusual steps to mitigate the economic damage done by the coronavirus. Strict measures are in place, like canceling events of more than ten people, closing bars and restaurants, and restricting travel. And while these mean to help from a public health standpoint, they're having a crippling effect on the economy. The Federal Reserve and the government are working to improve both the economy in general and [...]

2020-04-07T17:20:28+00:00April 5, 2020|Economy, Financial Planning, Tax Strategies|

Should You Pay Taxes Now or Later?

No one can fully escape taxes, but you do have some say in when you pay them. Different types of retirement income are taxed at different times. Orchestrating these sources in retirement can take some work, as the rules for each differ. Under the umbrella of tax-advantaged income sources, there are those that require taxes to be paid now, and others that require taxes to be paid later. While this may seem unimportant, it can make [...]

2020-03-02T18:12:26+00:00March 2, 2020|Tax Strategies|

3 Ways a Financial Advisor Can Help You With Tax Strategies

They say there’s no such thing as a free lunch, but what about a tax-deductible lunch? While many of your income sources can be taxed, there are strategies to minimize your overall tax burden before and in retirement. One of the advantages of going to one professional for all of your financial planning needs is that everything from investment strategies to Social Security Maximization to income planning works together in one overall plan. Some advisors can [...]

2020-02-24T23:33:28+00:00February 24, 2020|Tax Strategies|

Why You Might Need to Adjust Your Withholding

One truth becomes apparent at tax time: Taxes are complicated. Even if the tax code were to never change, your bracket, filing status, or withholding might. Common life events like marriage, divorce, and your children leaving the nest can mean that you need to adjust your withholding. Knowing when to adjust your withholding is an important thing to understand about taxes in retirement: If too much money is withheld, you’ll have to wait until after you [...]

2020-02-11T01:47:57+00:00February 11, 2020|Tax Strategies|
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